Peer Data for New England Banks and Credit Unions

Second Quarter, 2024

We are pleased to share the second quarter 2024 peer data for both New England banks and credit unions. This report provides a detailed analysis of key financial metrics, helping you stay informed about the latest trends in credit quality, performance, liquidity, and capital adequacy. The data for each New England state is presented individually, with a consolidated view available for all institutions across the region.

Peer Data for New England Banks

The bank data, available through the link below, covers the six months ending June 30, 2024, with insights into both regional and national performance. Key credit quality, performance, and capital adequacy ratios are provided, alongside averages for each state and comparable metrics for FDIC-insured institutions in the $100 million to $10 billion asset range.

National Banking Insights (Q2 2024)

• Net Income: Increased slightly from Q1 2024 due to higher net interest income.
• Net Interest Margin: Improved over Q1, but remains lower than the same period in 2023.
• Provision for Credit Losses: Increased 18% from Q1 and 31% compared to Q2 2023.
• Loan Growth: Continued positively across most categories.

New England Banking Insights

• Net Interest Margins: Stabilized, with small increases in yields on earning assets and the cost of funds, although still below national averages.
• Net Loan Charge-offs: Increased slightly but remain below national levels.
• Non-performing Loans: Saw a slight rise but continue to be lower than the national average.

This publicly available information can be shared within your bank, including with board members.

Click here to view the full report.

Peer Data for New England Credit Unions

The attached report includes financial data for New England credit unions for the period ending June 30, 2024. Each state’s data is detailed in individual tabs, with a final tab consolidating all New England credit unions. Our analysis focuses on key ratios essential to evaluating financial performance and long-term stability.

Key Credit Union Ratios:

• Return on Assets (ROA)
• Yield on Loans less Cost of Funds
• Operating Expenses to Gross Income Ratio
• Loans to Shares Ratio

These metrics help rank credit unions by financial performance, and on the “All New England” tab, you will find comparable data for U.S. credit unions and previous period ratios for New England credit unions.

Credit Union Insights (Q2 2024)

• Performance: ROA for U.S. credit unions remained steady at 71 basis points. New England credit unions saw a 21-basis point increase, reaching the national average of 71 basis points.
• Credit Quality: The delinquent loans to total loans ratio for New England remained unchanged at 0.86%, while the U.S. ratio increased by 7 basis points to match this figure. Charge-offs in New England decreased to an annualized rate of 0.22%, while U.S. charge-offs saw a slight decrease to 0.79%.
• Capital and Liquidity: The loans-to-shares ratio for New England credit unions was 70%, compared to 84% nationally. Capital ratios have held steady, with New England credit unions at 12.8%, compared to 11.1% for U.S. credit unions.

This data is publicly available and can be shared within your credit union, including with board members. If others in your organization would like to receive these updates, please provide us with their contact details.

Click here to view the full report.